A source from Team Obama told CNBC that Larry Summers will likely be named chairman of the Federal Reserve in a few weeks though he is "still being vetted" so it might take a little longer.

I don't think Summers is a good choice for Fed Chair. Also I doubt any delay is because he is still being vetted, more likely they are still trying to find the confirmation votes in the Senate.

Tuesday:
• 9:00 AM ET, S&P/Case-Shiller House Price Index for June. Although this is the June report, it is really a 3 month average of April, May, and June. The consensus is for a 12.2% year-over-year increase in the Composite 20 index (NSA) for June. The Zillow forecast is for the Composite 20 to increase 12.1% year-over-year, and for prices to increase 1.1% month-to-month seasonally adjusted.

• At 10:00 AM, Conference Board's consumer confidence index for August. The consensus is for the index to decrease to 78.0 from 80.3.

• Also at 10:00 AM, Richmond Fed Survey of Manufacturing Activity for August. The consensus is for a reading of 0 for this survey, up from minus 11 in July (Above zero is expansion).